Nokia shares surge 18% after upbeat fourth quarter

MADRID (MarketWatch) -- Shares of Nokia Corp.
NOK, +0.28%NOK1V, +0.08%
surged nearly 20% in premarket U.S. trading and 16% in Helsinki after the Finnish handset maker released a bullish set of preliminary numbers. Nokia said its Devices & Services unit has "exceeded expectations," reaching underlying profitability in the fourth quarter. One reason was better-than-expected performance from the Mobile Phones unit and Lumia smartphones. Estimated net sales of Lumia smartphones jumped to 4.4 million units in the period from 2.9 million in the prior quarter. Devices & Services net sales in the period were around 3.9 billion euros ($5.1 billion), with total device volumes of 86.3 million units. Nokia expects adjusted operating margin for Devices & Services in the first quarter of 2013 of around negative 2%, plus or minus four percentage points. It said "competitive industry dynamics" would continue to hurt the Smart Devices and Mobile Phones units. Continued ramp up for the new Lumia smartphones is another factor and the fact that the first quarter is a seasonally weak quarter.

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